Pune Property News

Liquidity Crisis Affecting Indian Realty

The global financial crisis may increase the real estate prices in the next couple of years, according to Lalit Kumar Jain, President, Promoters and Builders Association of Pune (PBAP). Talking at the PBAP exhibition, Jain noted that liquidity is bothering developers as most banks were not lending money to most developers even for construction. He pointed out that this had severely affected cash flows and the only source remaining was customers. Jain also pointed out that the panic button pressed by the Reserve Bank of India to control inflation and reduce growth seemed farfetched. “The biased approach of the bank towards real estate is unwarranted and unjust. Making home loan costlier is only creating resentment among urban population,” he said. He noted that instead of increasing the supply of residential tenements through proactive policies, the Central and State Governments were making tenements costlier by introducing various taxes (37 per cent cumulative) and levies as well as interest on project loans, pushing developers to borrow from market or costly FDIs, ultimately increasing cost of tenement.

Jain said scarcity of skilled labour and recent developments to discourage outside labourers have also resulted in delays and increase in construction costs, 60 per cent year-on-year on labour cost. The increasing material costs (barring small seasonal corrections) had made construction costs go up almost 40 per cent year-on-year. He noted that during the past two years, interest rate had gone up to touch 11.75 per cent to 12.5 per cent as compared to 7 to 7.5 per cent offered by banks two years ago. Due to the increase in rate of interest, buying capacity has been compromised and this was another reason for the slack in the market. He said few markets, especially the metro cities, were operated by investors and underwriters. Read More>>

Monday, November 03, 2008  India-Realestate

Parsvnath launches ‘Parsvnath Pratishtha’ at Pune

Parsvnath Developers announced the launch of Parsvnath Pratishtha, a Group Housing project at Pune. The project is located at Pimpri Chinchwad, 10 kms away from the Mumbai-Pune expressway and 25 kms from the upcoming New International Airport at Chakan. It is spread over an area of approx. 11, 000 sq mt., has a built up area of approx. 1.23 lac sq. ft. The project comprises of 96 apartments, has basement parking plus four floors and is equipped with two and three BHK apartments with an offering of forty eight houses each for two and three BHK apartments with a lucrative price tag of approx. 3 million and 42 million respectively.

The construction for the project has already started after performing the Bhoomi Pujan and is scheduled to be completed by 2010, the company said in a release. “Through our maiden residential project in the city we have tried to address the needs of the people by providing quality construction with safest specifications to safeguard against natural calamities. Parsvnath Pratishtha apart from other state of the art facilities offers earthquake resistant RCC framed structure with brick-filler walls and making it one of the safest houses to reside in”, said Pradeep Jain, Parsvnath Developers. Read More>>

Sunday, November 02, 2008  India-Realestate

Pune Hospitality sector buoyant

According to a report by Knight Frank, Pune will see 4,500 to 5,000 more hotel rooms across categories by 2010-11. Mr Atul Goel, Managing Director, Goel Ganga Group, says the boom in the hospitality segment is not ‘sudden.’ “And it has nothing much to do with the Commonwealth games planned in Pune. Developers had recognised the need and some had the floor plan ready or in the pipeline. Yes, with the advent of the Games, the acceleration took place in certain areas. The growth of the academic segment and IT/ITES certainly helped, coupled with high disposable incomes. “The manufacturing and automobile units in Pimpri-Chinchwad as well as Chakan and Ranjangaon Industrial areas contribute to an average of 55 per cent of the total room demand while the IT sector in the city contributes 45 per cent. The airline transit crew generates around 2-3 per cent of room nights annually in few four-star hotels.

Some of the new projects coming up in the Pune hotel industry include the Hyatt, JW Marriott, Leela, InterContinental, Starwood, Holiday Inn, Crowne Plaze, Westin and other international and national hotel chains. The special purpose vehicle floated for the Rs 360 crore-International Convention Centre (ICC) promoted by the Mahratta Chamber of Commerce, Industry and Agriculture will emerge as South Asia’s largest International Trade and Convention Centre with a 380-room hotel and 2,800 seat convention centre. Leela Group of Hotels is coming up with over 200 rooms of 5-star category, a business-cum-resort hotel near the Pune Golf Course; Radisson with 100-rooms promoted by the Runwal Group is under construction. Taj is venturing into Hinjewadi along with Padma Vihas Palace at Wanowrie with a 45-room boutique hotel and Ginger has its budget hotel in the Chinchwad area with 101 rooms. Accor, the Australian chain, is planning to come in with its signature brand Ibis under the budget hotel category. Read More>>

Saturday, September 06, 2008  India-Realestate

IT boom boosts real estate and hospitality sectors in Pune

Ever since software developers and hardware experts made their presence felt in Pune in 2002, there has been no looking back for the Information Technology (IT) sector in this industrial city of Maharashtra.

The progressive trends in the IT industry have benefitted businesses like real estate, hospitality and consumer services to a great extent. The business ventures of real estate and hospitality have directly and indirectly gained the optimum from the IT boom in Pune. Read More>>

Tuesday, August 12, 2008  India Realestate

DS Kulkarni, GTC Cyprus to jointly Develop SEZ in Pune

Housing and construction firm DS Kulkarni Developers has entered into an agreement with Kardan Group firm, GTC Cyprus, for jointly developing a multi-service SEZ project in Pune, in which the foreign firm will invest $ 90 million.

DS Kulkarni Developers Ltd (DSKDL) has entered into an agreement with GTC Cyprus under which “… DSKDL and GTC shall jointly develop a 250 acres Multi-Service SEZ Project in Pune through a 50:50 JV,” the Pune-based firm said in a filing to the Bombay Stock Exchange. Read More>>

Tuesday, July 15, 2008  India Realestate

Peninsula widens Portfolio with IT Parks, Townships

Peninsula Land Ltd, the Ashok Piramal-backed real estate company, is diversifying into integrated townships and information technology parks in Pune, Nashik and Hyderabad.

It also plans to enter Ahmedabad, Chennai, Mysore, Bangalore and Coimbatore by next year. Peninsula is developing five projects, which includes one residential and one township project in Nashik, and integrated townships and IT Parks in Pune and Hyderabad. Read More>>

Friday, June 13, 2008  India Realestate

Walk to Work - The new Mantra of Pune, SEZ.

The Blue Ridge IT/ITES SEZ is an international 2.88 million sq. ft. SEZ with an integrated township. Located in the Silicon Valley of Pune-Hinjewadi and being the first notified SEZ in Phase-I it is built on the principles of Facilities, Flexibility and Freedom, the Blue Ridge SEZ is unique in more ways than one. As a customer you get facilities that exceed expectations, flexibility to choose your space and freedom to explore and optimise.

In close proximity to the Pune-Mumbai Expressway, the upcoming automobile hub of Talegaon and Chakan and a mere 2 hours from Panvel, the Blue Ridge SEZ offers top-notch amenities and international work spaces. Read More>>

Sunday, June 01, 2008  India Realestate

PIL Against State over Pune Land Mafia

A city-based advocate has filed a public interest litigation (PIL) against the state government for failing to curb illegal land dealing and proliferation of land mafia in Pune.

Dinesh Gonjare has filed the PIL in the Bombay high court saying that land mafia in Pune are holding all to ransom. They are not only responsible for unprecedented hike in the real estate prices, but also for the inflationary situation citizens are trapped in. Read More>>

Saturday, May 03, 2008  India Realestate

Rs 1400 cr Township Planned in Pune

Pune-based real estate companies, the Avinash Bhosale group and Kumar Properties, have joined hands to set up a Rs 1,400-crore township in the third phase of Rajiv Gandhi Infotech Park in Hinjewadi here. The project - Megapolis - comprises 5,800 flats, studio apartments and an IT special economic zone.

Pegasus Properties, a 50:50 joint venture floated by the two firms, would develop the project over the next five years. Spread over 150 acres, the township will have all 21-storied buildings. Read More>>

Saturday, May 03, 2008  India Realestate

TCS launches development of new 20,000-seat campus in Pune

'Tata Consultancy Services, (TCS) (BSE: TCS.BO, NSE: TCS.NS), a leading IT services, business solutions and outsourcing organization, today announced the commencement of construction at its largest development centre, TCS Sahyadri Park located in Hinjewadi, Pune, Maharashtra.

TCS Sahyadri Park will be developed over 50 acres of land to create a capacity of 20,000 seats with the first phase expected to be completed by March 2009 with 7,000 seats. The entire facility is scheduled to be completed by end of 2010. Read More>>

Thursday, April 24, 2008  India Realestate

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